EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

NOTE 15—EARNINGS PER SHARE

The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator for basic and diluted earnings per share:

Net income (loss)	20,996		(69,559)		29,624		54,419
Net income attributable to noncontrolling interests	1,753		1,565		5,306		4,573
Net income (loss) attributable to common stockholders	$	19,243	$	(71,124)	$	24,318	$	49,846
Denominator:
Denominator for basic earnings per share—weighted average shares	414,599		402,859		408,691		401,424
Effect of dilutive securities:

Restricted stock awards	476		327		340		268
OP unitholder interests	3,415		3,469		3,427		3,474
Exchangeable Notes	964		—		321		—
Forward sales agreements	19		—		7		—
Denominator for diluted earnings per share—adjusted weighted average shares	419,474		406,655		412,785		405,166
Basic earnings per share:
Net income (loss)	$	0.05	$	(0.17)	$	0.07	$	0.14
Net income (loss) attributable to common stockholders	0.05		(0.18)		0.06		0.12
Diluted earnings per share: (1)
Net income (loss)	$	0.05	$	(0.17)	$	0.07	$	0.13
Net income (loss) attributable to common stockholders	0.05		(0.18)		0.06		0.12

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(1) Potential common shares are not included in the computation of diluted earnings per share when a net loss exists as the effect would be an antidilutive per share amount.

The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and nine months ended September 30, 2024 and 2023 is used as the basis for determining the dilutive effect on earnings per share. The Exchangeable Notes were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2023 as they were antidilutive.

Our unsettled forward sales agreements do not impact basic earnings per share. We apply the treasury stock method to our unsettled forward sales agreements to determine their dilutive effect, if any. See “Note 14 – Stockholders' Equity.”